During a 12-month period, gas prices increased from $3.399 per gallon to $4.659. What is the percent increase, to the nearest tenth of a percent?
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- If gasoline prices have increased over the past 32 years from 25.9 cents per gallon to $3.459 per gallon, what is the average annual rate of increase?In 1998, the average price of a gallon of gas was $1.02. Today, the average price of a gallon of gas is $2.81. At what annual rate has a gallon of gas increased over the last 20 years? (Answer as a percent. Enter only numbers and decimals in your response. Round to 2 decimal places.)The average price of the gasoline in 2021 was $3.01 per gallon. In 2001, the average price was $1.46. What was the average annual rate of increase in the price of gasoline over this 20-year period?
- The average price of gasoline may reach S5.00 per gallon in some parts of the U.S. by next month. The average price of gasoline 2 years earlier at the start of the pandemic was $2.50 per gallon. What is the effective annual rate of increase if compounded for 2 years that equals this two-year change? 2.10. The cost of 1,000 cubic feet of natural gas has increased from 360 in 2000 to 750 in 2006. What compounded annual increase in cost is this? How does the increase in the cost of natural gas compare to a 3% annual rate of inflation during the same period of time?The average seling price of a new vehicle in the United States last year was $53,360. If the average price ten years earlier was $43,600, what was the annual increase/decrease in the selling price over this time period?
- 4. The average price of gasoline in 2021 was $1.26 per liter. In 2001, the average price was $0.36. What was the average annual rate of increase in the price of gasoline over this 20-year period?Income from sales of an injector-cleaning gasoline additive has been averaging $100,000 per year. At an interest rate of 18% per year, the future worth of the income in years 1–5 is closest to:a. $496,180b. $652,200c. $715,420d. $726,530Suppose that an oil well is expected to produce 12, 00,000 barrels of oil during its first production year. However, its subsequent production (yield) is expected to decrease by 9% over the previous year's production. The oil well has a proven reserve of 10,500,000 barrels.(a) Suppose that the price of oil is expected to be $120 per barrel for the next six years. What would be the present worth of the anticipated revenue trim at an interest rate of 10% compounded annually over the next six years?(b) Suppose that the price of oil is expected to start at $120 per barrel during the first year, but to increase at the rate of 3% over the previous year's price. What would be the present worth of the anticipated revenue stream at an interest rate of 10% compounded annually over the next seven years?
- If the price of a gallon of regular gasoline is $2.49 and the anticipated rate of inflation in energy prices is such that the cost of gasoline is expected to rise by 5 percent per year, what is the expected price per gallon in 10 years? The expected price per gallon of gas in 10 years is $ (Round to two decimal places.)The demand for a product during the next ten years will be such that revenues will be $100,000 the first year and will increase by $10,000 each year thereafter. If inflation is assumed to be 6% per yuear and the company uses 10% in its economic studies, what is the present worth of the revenues expressed in present dollars?Oil consumption is increasing at a rate of 2.3% per year. By what factor will oil consumption increase in 5 years? Use the approximate doubling time formula (rule of 70). Round to two decimal places. A. 23.00 B. 1.12 C. 1.02 D. 2.42